What is the taxable gain on the sale of his residence, Financial Accounting

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What is the taxable gain on the sale of his residence

Problem

Oscar, a single taxpayer, sells his residence of the last 10 years in January of 2021 for $190,000. Oscar's basis in the residence is $45,000, and his selling expenses are $11,000. If Oscar does not buy a new residence, what is the taxable gain on the sale of his residence?

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Financial Accounting: What is the taxable gain on the sale of his residence

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Financial Accounting: What is the taxable gain on the sale of his residence

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